Exxon Mobil reported impressive profits for the fourth quarter, thanks to increased production in both the Permian Basin and Guyana.

During the final three months of the year ending December 31, the Texas-based energy giant achieved earnings of $7.61 billion, corresponding to $1.72 per share.

This figure shows a slight decline compared to $7.63 billion, or $1.91 per share, from the same timeframe the previous year.

When adjusted for one-time expenses and charges, earnings came out to $1.67 per share, surpassing analysts’ expectations.

Analysts surveyed by Zacks Investment Research had predicted earnings of $1.55 per share, marking a strong performance from the company.

Exxon Mobil indicated that after excluding any non-recurring charges and benefits, earnings saw an increase of $1.6 billion driven primarily by record production levels in Guyana, as well as in the U.S. Permian Basin, complemented by structural cost reductions.

The company’s revenue reached $83.43 billion, falling short of Wall Street’s forecast of $87.12 billion.

Exxon’s net production for the quarter was recorded at 4.6 million oil-equivalent barrels per day, reflecting an uptick of 20,000 oil-equivalent barrels compared to the preceding quarter.

Kathy Mikells, the senior vice president and chief financial officer, noted in her prepared statements that over 50% of the company’s production in 2024 is expected to originate from the Permian Basin, Guyana, and liquid natural gas.

She added that by the year 2030, more than 60% of Exxon’s volumes will likely come from these assets.

In December, the OPEC+ coalition postponed plans to boost oil production due to weaker demand than anticipated and increased output from non-OPEC nations.

Following an online meeting, the alliance elected to delay increases that were scheduled to start on January 1, 2025, which included a gradual restoration of 2.2 million barrels per day spanning through 2025.

This timeline has now been extended, with production hikes to begin on April 1, 2025, to unfold gradually over 18 months, concluding in October 2026.

As for Exxon Mobil Corp., headquartered in Spring, Texas, shares remained largely unchanged prior to Friday’s market opening.